Derzhava fails to redeem $33m bonds and pay $2.3m coupon
Derzhava-Finance, an SPV company of Nizhny Novgorod-based agricultural holding Derzhava, currently undergoing bankruptcy procedure, has defaulted on repayment of its $33m bonds and failed to make the last, sixth, 16.5% coupon payment of $2.7m, the company reports.
The company explains the default with “liquidity problems”.
The first-series three-year $33m bonds were placed at MICEX in July 2007.
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